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TeacherGuide_M7A

Module 7A focuses on financial institutions and their services, aiming to help students understand how to access and manage personal finances. It includes activities for identifying various types of financial institutions, understanding associated fees, and discussing the advantages and disadvantages of services like payday lending. Resources and suggested activities are provided to facilitate learning and assessment related to these financial concepts.

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vekhanderiddhi
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Download as PDF, TXT or read online on Scribd
13 views

TeacherGuide_M7A

Module 7A focuses on financial institutions and their services, aiming to help students understand how to access and manage personal finances. It includes activities for identifying various types of financial institutions, understanding associated fees, and discussing the advantages and disadvantages of services like payday lending. Resources and suggested activities are provided to facilitate learning and assessment related to these financial concepts.

Uploaded by

vekhanderiddhi
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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MODULE 7A:

FINANCIAL INSTITUTIONS
Choose from the Suggested Activities below to find activities
to help your students meet the outcome for this module from
the Saskatchewan Financial Literacy 20/30 curriculum.
All resources for this module’s activities
can be found on saskmoney.ca.

OUTCOME
Examine basic services typically provided by financial institutions for accessing
and managing personal finances.

INDICATORS i. Investigate how financial institutions make


a. Identify various types of financial institutions money, including the rate differential
(e.g., virtual banks, bricks-and-mortar banks, between lending and deposit rates.
credit unions, alternative lenders, international j. Research the prevalence of payday lenders
banks, insurance companies, mortgage and cheque cashing centres in Saskatchewan,
companies and securities dealers and advisers). the services they provide and the fees
b. Identify First Nations financial institutions typically associated with those services.
(e.g., First Nations Bank of Canada and k. Discuss the advantages and disadvantages
Indigenous credit unions) and others of accessing the services of payday lenders
(e.g., Habib Canadian Bank and Bank of and cheque cashing centres.
China–Canada) responsive to various
cultures in Canada.
OVERVIEW
c. Research common financial services or Financial institutions offer money services. In
products such as chequing and savings Canada, that could be a bank, credit union,
accounts, debit and credit cards, telephone trust company, insurance company, investment
banking, mobile banking, online banking and company, or cyberbank such as ApplePay or
automated teller machine (ATM) banking. Tangerine. Students will learn about the variety of
d. Identify fees commonly associated with financial institutions available in Canada, examine
various financial services. the services offered by financial institutions and
e. Discuss reasons why consumers are often the fees associated with those services, and the
skeptical of financial institutions’ practices process of choosing a financial institution to
and fees. access and manage their personal finances.

f Explore ways to minimize financial


PREREQUISITE
service fees.
None
g. Describe the process and requirements,
including personal identification required, for
SUGGESTED TIME
applying for an account at a financial institution.
2–6 hours
h. Identify commonly used terms (e.g., service
charges, interest rates, deposits, withdrawals
and overdrafts) within the financial
services industry.

ADDITIONAL RESOURCES CAN BE Powered by


FOUND AT www.s a s k mo n ey.c a
For more information, contact [email protected]
MODULE 7A: CONTINUED

RESOURCES ASSESSMENT
• Getting in Touch with your Money PDF Each student establishes a plan for setting up an
• Choosing a Financial Institution (slides) account to access and manage their finances at
a financial institution of their choosing.
• Video: How do Bank Deposits Work When
are Funds Available.mp4 (video)
• Video: How Canadians Bank.mp4
• Money & Youth Module 8: pp. 105-107
• Money Matters: Workbook 2 Banking
Basics
• The City—Banking Account Checklist
(secondary)

SUGGESTED ACTIVITIES
1. Financial Institutions—What are they? How • Typical services—Choosing a Financial
do they differ? Why do people use them? Institution (slides) provides a good overview
What common services do they offer? of the common services provided by
• Students can look at their own communities financial institutions as does the Getting
to identify financial institutions (e.g., banks, in Touch with your Money.pdf resource
credit unions, trust companies, insurance (also available online). Discussion points to
companies, investment companies, cyber accompany the slides:
such as Apple, Tangerine). If there are no • Slide 2—Electronic Banking—using
bricks and mortar financial institutions within an ATM
the community, discuss what they think of • Why do people use ATMs?
when they think of a financial institution; this
should lead to a discussion of the many types • Where are they found?
of financial institutions available in Canada. • Slide 3—Online Banking
Students may recognize banks and credit • What are the benefits of online
unions but not be aware that others exist. banking? (e.g., convenient, easy-
• Provide students with the names of a to-use easy to keep track of
variety of financial institutions and ask transactions)
them to group them according to common • What are the cons? (e.g., computer
characteristics (e.g., bricks and mortar access, Wi-Fi, security issues)
vs. online; local/provincial vs. national/
international; credit union vs. big bank vs. • Slide 5—Debit Card
other) as determined by them. • How do you use a debit card? (e.g.,
• Why do people use financial institutions? PIN, tap and go, link to smartphone)
Students brainstorm the reasons which • What are the pros and cons of a
may include things such as depositing/ debit card? Pros—Convenient, easy
saving, etransfers, ATM withdrawals, to carry. Cons—security, may go over
cashing cheques. your balance

ADDITIONAL RESOURCES CAN BE Powered by


FOUND AT www.s a s k mo n ey.c a
For more information, contact [email protected]
MODULE 7A: CONTINUED

• Slide 6—Cheques 4. How does one apply for an account at


• Review the cheque with the class financial institutions?
what each numbered portion of the • Research/discuss the process, including
cheque represents. the personal identification that one must
2. What services (including fees associated present. Also research any age restrictions
with them) are provided by financial and the role of a parent/guardian in youths’
institutions? ability to establish accounts at financial
institutions.
• Students can research a variety of financial
institutions individually or in groups and 5. Use a simple table (Explore Financial
share and compare their findings. Students Institutions) to help students research and
should determine collectively exactly what gather information on the different types of
information (e.g., fees, accounts, services, financial institutions.
locations, online banking, transaction limits)
they will gather. Alternately, guest speakers
who represent financial institutions could be
invited to present to the class. The Banking
Account Checklist.pdf file may be useful
as a guide for examining what a variety of
financial institutions offer.

3. How do people choose a


financial institution?

• Discuss with students the factors that


determine how people choose a financial
institution. These factors may include:
family practice/habit of always banking at
a particular institution, location, access to
ATMs, availability of online banking, fees etc.).
• Based on the collective research, each student
should justify their choice of a financial
institution that meets their needs based on
the criteria that are important to them.

For more curriculum information, please visit


the Government of Saskatchewan curriculum website.

ADDITIONAL RESOURCES CAN BE Powered by


FOUND AT www.s a s k mo n ey.c a
For more information, contact [email protected]

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